Russia & India seek to boost trade, switch to national currencies

The emerging economies Russia and India, are interested in increasing cooperation, which could result in a greater trade turnover and wider use of ruble and rupee in trade.

"In recent years, bilateral trade has gained steady growth rate… I hope, we will be able to reach the target level of $30 billion in the coming years," said Russian Deputy Prime Minister Yury Borisov at a meeting with Indian Minister of External affairs Sushma Swaraj in Moscow.

Borisov noted that $30 billion is still a modest figure compared to a $100 billion trade with China, which should be reached this year.

The countries are interested in increasing share of ruble and rupee in bilateral settlements, the Russian Deputy PM noted. “The expansion of settlements in national currencies is planned. Today, the share of settlements in rubles for exports is 20 percent, and for imports, about 21 percent,” he said.

Swaraj, in a statement after the meeting said: "India and Russia enjoy a special and privileged strategic partnership."

"This partnership has strengthened over time and covers a vast agenda involving almost all spheres of human activity. India attaches the highest importance to its relations with Russia".

India is one of the largest buyers of Russian arms, with $65 billion in deals signed over the whole cooperation, and the country will buy $4 billion of Russian arms this year.

The countries are also promoting tourism in both directions, and discussing the possibilities of working together on projects in other countries.